Futures Market News
Euro climbs against greenback as Greece OKs bailout
Mar 21, 2012 07:56 AM
Signs of Greece's second bailout since June 2010 being on schedule propelled the value of the single currency of the European Union on Wednesday, Reuters reports.
As expected, leaders in the embattled Aegean nation approved the second phase of international aid, pushing up the value of the euro. But the dollar's strength during recent weeks minimized the embattled monetary unit's performance while two key euro zone nations fell under scrutiny.
"If U.S. data remains solid U.S. yields may continue to track higher, while Europe faces some risks to this euro strength from the Italian labor reform talks and continued poor economic news from Spain," FX head Christopher Gothard with Brown Brothers Harriman in Hong Kong told Reuters.
U.S. officials have downplayed the chances of additional asset purchasing, which would draw down the value of the U.S. dollar. Thus the world's reserve currency has grown in value against its counterpart currencies.
On Wednesday, the value of the euro rose against 14 of 16 counterpart currencies, according to Bloomberg. Germany, host of the region's largest economy, is set to release information on Thursday indicating the expansion of services and production by factories.
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